Dunkin’ Donuts planned on US 224

Dunkin’ Donuts planned on US 224

BOARDMAN

A zoning permit was issued Friday for a new 2,200-square-foot Dunkin’ Donuts location on U.S. Route 224.

The project is valued at $164,500, and the address will be 748 Boardman- Canfield Road, just west of Antone’s Restaurant, according to zoning records.

Plans indicate the building will look similar to the Dunkin’ Donuts at 7635 Market St., including a drive-through.

Southwest raises fare for short routes

DALLAS

Southwest Airlines Co. raised fares Friday on short routes by $10 per round- trip, and several large airlines quickly matched the increase.

The fare hike applied to flights of less than 500 miles each way, or about one-third of Southwest’s routes.

“We never like to increase fares, but simply we needed to cover the cost of business,” said Southwest spokeswoman Ashley Dillon.

During the second quarter, which ended June 30, Southwest’s operating expenses rose 6 percent compared with the same period last year. Fuel, labor and maintenance costs all increased.

The company covered the higher expenses by boosting revenue nearly 12 percent, partly due to a 5 percent increase in the average fare, to $150 each way. Net income rose 42 percent, to $228 million.

Changes to Fannie, Freddie bailout deal

WASHINGTON

The government is changing the terms of its bailout agreement with Fannie Mae and Freddie Mac in a way that will shrink the holdings of the two mortgage giants more quickly and will require payment to the government of all quarterly profits the companies earn.

The Treasury Department announced the changes Friday in an effort to deal with concerns that the companies could at some point exhaust the federal support they were guaranteed when they were taken over by the government in September 2008 during the financial crisis.

The two firms would have to turn over all profits they earn every quarter. They also would be required to accelerate the reduction of their mortgage holdings to hit a cap of $250 billion by 2018, four years earlier than planned.

Moody’s: Expect more Calif. defaults

SACRAMENTO, Calif.

One of the nation’s top credit-rating agencies said Friday that it expects more municipal bankruptcies and defaults in California, the nation’s largest issuer of municipal bonds.

Moody’s Investors Service said in a report that the growing fiscal distress in many California cities was putting bondholders at risk.

The service announced that it will undertake a wide-ranging review of municipal finances in the nation’s most-populous state because of what it sees as a growing threat of insolvency.

Three California cities — Stockton, San Bernardino and Mammoth Lakes — have filed for bankruptcy so far this year. They are not likely to be the last, Moody’s said.

Vindicator staff/wire reports